Rex reports profitable Q2, expects more challenging Q3
Summary
Rex American Resources on Aug. 30 released financial results for its fiscal second quarter, the three months ended July 31, reporting increased net sales and revenue. Zafar Rizvi, CEO of Rex, said the company experienced some improvement in operating environment during the beginning of the second fiscal quarter. Since that time, however, the company has faced increased challenges, including serious railroad logistics problems that resulted in shipment delays. Rizvi also offered an update of the carbon capture and sequestration project Rex’s One Earth Energy facility is developing in partnership with the University of Illinois. The company also recognized approximately $1.6 million in income related to its equity share of relief grants received by the Big River Resources facilities.